Income fell in August to weigh the markets down to a lower open with the Dow tumbling 95 points to 11,058. Nasdaq dropped 26 points to 2454.
On the upside
Harbin Electric (Nasdaq: HRBN) announced a shareholder meeting on October 29, 2011 to vote on the proposed $24 per share acquisition offer from Tech Full Electric.
MicroStockProfit.com issued a research report on Popular (Nasdaq: BPOP).
The Department of Justice approved Level 3 Communications’ (Nasdaq: LVLT) acquisition of Global Crossing (Nasdaq: GLBC).
On the downside
Ingersoll Rand (NYSE: IR) blamed weak demand for lowering its earnings outlook for the third quarter and the full year.
Micron Technology (Nasdaq: MU) disappointed by swinging to a fourth quarter loss prompting a downgrade.
In the broad market, declining issues outpaced advancers by a margin of 7 to 2 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 6 points to 656.